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Short-term Borrowings and Long-term Debt
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt

Short-term Borrowings
 
3/31/2017
 
12/31/2016

Current maturities of long-term debt
 
$
395

 
$
66

Other
 
9

 
8

 
 
$
404

 
$
74

Less current portion of debt issuance costs and discounts
 
(11
)
 
(8
)
Short-term borrowings
 
$
393

 
$
66

 
 
 
 
 
Long-term Debt
 
 
 
 
Securitization Notes
 
$
2,288

 
$
2,294

Subsidiary Senior Unsecured Notes
 
2,100

 
2,100

Term Loan A Facility
 
500

 
500

Term Loan B Facility
 
1,990

 
1,990

YUM Senior Unsecured Notes
 
2,200

 
2,200

Capital lease obligations
 
122

 
120

 
 
$
9,200

 
$
9,204

Less debt issuance costs and discounts
 
(90
)
 
(79
)
Less current maturities of long-term debt
 
(395
)
 
(66
)
Long-term debt
 
$
8,715

 
$
9,059



On March 21, 2017, KFC Holding Co., Pizza Hut Holdings, LLC, a limited liability company, and Taco Bell of America, LLC, a limited liability company, each of which is a wholly-owned subsidiary of the Company, as co-borrowers completed the repricing of the existing $1,990 million under the Term Loan B Facility pursuant to an amendment to the Credit Agreement (as defined in our 2016 Form 10-K). The amendment reduces the interest rate applicable to the Term Loan B Facility by 75 basis points to adjusted LIBOR plus 2.00%, with a rate stepdown to LIBOR plus 1.75% in the event the secured net leverage ratio (as defined in the Credit Agreement) is less than 1 to 1. Lenders choosing to continue in the Term Loan B Facility repriced $1,798 million in term loan principal and purchased $73 million of additional principal from lenders choosing not to participate in, or electing to decrease their holdings in the loan. Additionally, $119 million in principal was assigned to new lenders. The maturity date and all other material provisions under the Credit Agreement remain unchanged.

Based on the specific creditors that continued to participate in the Term Loan B Facility, including the levels of their participation, a portion of the repricing transaction represented a new debt issuance, a portion represented a debt modification, and the remainder represented a debt extinguishment. As a result, $18 million of fees were recorded as debt issuance costs either within Accounts payable and other current liabilities or Long-term debt on our Condensed Consolidated Balance Sheet, and $4 million were recognized as Interest expense, net during the quarter ended March 31, 2017. Additionally, $2 million of previously recorded unamortized debt issuance costs and discounts were written off to Interest expense, net during the quarter ended March 31, 2017.

Details of our short-term borrowings and long-term debt as of December 31, 2016 can be found within our 2016 Form 10-K. Cash paid for interest during the quarters ended March 31, 2017 and 2016 was $68 million and $25 million, respectively.